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  • 45451 Rev Chapter 1 Section 207 Mobile Home Park - Hud

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4545.1 REV CHAPTER 1. 11. SECTION 207, MOBILE HOME PARK THE PURPOSE OF THE SECTION 207, MOBILE HOME PARK PROGRAM. purpose is to assist in financing the construction or rehabilitation of mobile home.

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The minimum loan to value (LTV) ratio for HUD 223(f) loans depends on the type of property: Market Rate Properties: 85% LTV or the amount of debt that can be serviced by 83.3% of net operating income. Affordable Housing Properties: 87% LTV or the amount of debt that can be serviced by 87% of net operating income.

Section 207 insures lenders against loss on mortgage defaults. The intent of the program is to increase the supply of quality and reasonably priced rental housing for middle-income families. Type of Assistance: FHA mortgage insurance for HUD-approved lenders.

Major Benefits of the HUD 223(f) Loan Program HUD 223(f) loans have a minimum loan amount of $1 million. However, exceptions may be made on a individual basis. Long Mortgage Terms: The maximum mortgage term must be the lessor of 35 years or 75% of the project's estimated remaining economic life.

A mortgage may be insured pursuant to Section 223(e) for the repair, rehabilitation, construction, or purchase of properties in older, declining urban areas.

FHA mortgage insurance allows a homebuyer to make a low downpay- ment and get a mortgage loan for the balance of the purchase price. The mortgage loan is made by a HUD- approved lender, such as a bank, mortgage com- pany, or credit union. FHA insures the mortgage.

Section 207 Program insures mortgage loans to facilitate the construction or substantial rehabilitation of multifamily manufactured home parks. Purpose: Section 207 promotes the creation of manufactured home communities by increasing the availability of affordable financing and mortgages.

Summary: Section 207/223(f) insures mortgage loans to facilitate the purchase or refinancing of existing multifamily rental housing. These projects may have been financed originally with conventional or FHA insured mortgages.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232